A consortium of major banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, is currently coordinating investor calls to structure the issuance. The bonds are expected to feature maturities spanning five to 30 years. This move signals a shift in strategy for Elon Musk’s aerospace firm, as CFO Bret Johnsen has indicated that the company’s previous $75 billion IPO will likely serve as its final equity sale, with future expansion funded primarily through debt.

The company’s move follows an investment-grade rating in the BBB tier from Moody’s, Fitch, and S&P Global, which significantly lowers the cost of borrowing. Much of the proceeds will settle short-term debt incurred during the acquisition of xAI. Analysts at Oppenheimer & Co project that this debt, supplemented by roughly $40 billion in equity, will fuel SpaceX’s aggressive AI roadmap. With $75 billion in contracts already secured to provide computing power for Google and Anthropic PBC, the company is positioning itself as a critical player in global data infrastructure, despite warnings from market observers that regulatory hurdles and technical challenges could impede the construction of planned orbital data centers.